PROPOSED NEW U.S. AUDITING STANDARD
In response from the outcry from the public, several countries have enacted a new Auditing Standard. The U.S. has also proposed a new standard.
1-What are the major components of the new U.S. Standard?
2-Do you think that the proposed Standard will be implemented? Explain why or why not.
3-If the new Auditing Standard was implemented, what impact will it have on the following parties:
a-The Financial Statement Users.
b-The Auditors.
c-The Companies Management.
d-The Standard setters and regulators.